Overhaulin'

advice on trading in a car and have the money left on my loan put onto my new car (upside down deal)?

On December of 07 my parents were in search for a suv they really needed a car and no dealer could help them cause of their credit well there was only 1 dealer we found that supposedly approved any1 so they were able to get a 05 Ford Escape but they could only do it using me as co-signer. Now they have been having problems with this car and it wastes soo much gas we absolutely hate it and we had probs with it since the beginning with the seats being torn. Well they told us that we can go back in 6 months and if the payments have been made good that my parents credit would be a lil better and they can re-finance and get something else by themselves. 6 months is here and now i learned how to look up values of cars on KBB so we dont get screwed again but i need advice cuz i know that we wont get alot for the suv(13,998 and we still owe 13k) and we will have money left in the loan and it will be put on another car but i need advice on how to deal w/ dealers and explain them the situation

Public Comments

1. Believe me, they know your situation. First of all, They kind of gave you a line of BS that you could get out of it in about 6-months. Usually it takes at least 12 to 18 months to even think about that option, even then it's not real pretty. Because of the higher interest you've been paying, and I'm sure very little money down, you will have lots of negative equity. Your only hope would be to go to a reputable new car dealer and try for something with huge rebates to try and offset some of the negative equity. (Cash down helps) Good Luck
2. Hi honey, I agree with tom, but sometimes it is possible to do this and it depends on how your credit improved. but people get themselves in trouble all the time. Who told you an 05 escape was worth $13,998.? Are you looking at blue book retail? Black book (which most dealers use) says: xls 2wd- $7600-5775 4wd- $8550-6725 xlt 2wd- $9600-7775 4wd $10550-8725 limited 2wd $10650-8825 4wd $11600-9775 hybrid 2wd $12825-11000 4wd $13775-11950
3. like the first answer said we are very familair with your situation. First off let me say that your 05' Escape isnt worth $13,998. KBB is always way high on thier values, they dont have to actually write checks for cars and then try to sell them again so they have no idea what its worth. Dealers will look at what your car is going for at wholesale dealer auctions and we will give you about what its going for so we at least know we can get most of our money back. I dont know anything about your escape so im just guessing here but your probably $4-5k upsidown. That being said when you try to put that extra money on a new car your going to have a situation where your asking the bank to lend you ALOT more than the car your getting is worth. This will make it very difficult to get financed especially if you dont have stellar credit. The cure for this is putting a ton of money down, if you cant do that then it wont be easy to get it done. The only way to find out for sure is to go to a dealer and let them know whats up, and see if they can find you something they can get you financed on, they will be familair with the process. As far as tips for saving you some money, shop around, then shop around, then shop around some more, dealers will beat other dealers offers till it kills us so thats really the best way to get a good deal. Just remember to compair apples to apples, look at similar cars to buy and make sure they include everything you will paying for.
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